Accounting rules

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The Journal is the basis of the accounting system, In Journal we record all day to day transaction of business. For journalizing all day to day transaction of the business we have to use the Golden Rules of Accounting: -. 1. Real Accounts: - Debit: What comes in, Credit: What goes out, 2. Personal Accounts: Debit:- The Receiver, Credit: The Giver, 3. Nominal Accounts: Debit:- All Expenses and Losses, Credit:- All income and gains

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